Gold and Silver Outlook for November 15

November 15th, 2012 by Lior Cohen

Submitted by Trading NRG as part of our contributors program.

The prices of gold and silver changed direction and increased yesterday. The recent publication of the minutes of the FOMC meeting from back in October didn’t offer much insight regarding the next move of the FOMC. A couple of U.S reports were published yesterday: the U.S PPI edged down by 0.2% mainly due to the fall in energy prices; the U.S retail sales also declined by 0.3% during October. This news may have contributed to the moderate rise of gold and silver prices. Currently, the prices of gold and silver are falling. On today’s agenda: Retails Sales GB, U.S Core Consumer Price Index, Euro Area CPI, U.S. Jobless Claims Weekly Report, Philly Fed Manufacturing Index, and Bernanke’s speech.

On Wednesday, Gold changed rose by 0.31% and settled at $1,730.1; Silver also increased by 1.2% to $32.88. During November, gold increased by 0.64%; silver, by 1.75%.

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St. Deviation of Gold and Silver

The high volatility of both bullion rates from the beginning of the month has changed and in recent days these metals have had a low volatility: during the month, the standard deviations of gold and silver (daily percent changes) reached 1.01 % and 1.91%, respectively. These figures are still higher than the standard deviations of these precious metals from previous months.

On Today’s Agenda

Bernanke’s Speech: Bernanke’s speech might offer some insight behind the Fed’s future monetary steps. The Chairman of the Federal Reserve will give a speech at the HOPE Global Financial Dignity Summit, Atlanta, Georgia. The title of the speech is “Housing and Mortgage Markets“;

U.S Core CPI: According to the U.S Bureau of Labor statistics in September, the CPI rose by 0.6% (M-o-M); the core CPI edged up by 0.1%; the core index rose over the last 12 months by 2%;

Philly Fed Manufacturing Index: In the October survey, the growth rate rose to +5.7 in October. If the index will continue to rise it may positively affect not only U.S Dollar but also bullion prices (the previous Philly Fed review);

U.S. Jobless Claims: in the previous update the jobless claimsdeclined by 8k to 363k; this upcoming weekly update may affect the U.S dollar and consequently the rates of commodities;

For further reading:

Gold And Silver Outlook For November 12-16

Will Gold Continue to Dwindle?